- US Dollar bulls are forming a base in the 93.21-93.66 area as their objective is to break above the trendline and regain the 94.00 level.
- US Dollar Index (DXY) has gained about 5% since mid-April and the current move down is seen as a bull flag or pullback for bulls.
- However, a strong bear breakout below 93.21 swing low can invalidate the bull flag theory and lead to a retest of 92.81, 38% Fibonacci retracement (mid-April-late June bull run)
DXY 15-minute chart
Spot rate: 93.60
Relative change: 0.06%
Trend: Bullish above 93.21
Resistance 1: 93.66, 23.6% Fibonacci retracement (mid-April-late June bull run)
Resistance 2: 94.45 June 1, swing high
Resistance 3: 95.03 current 2018 high
Support 1: 93.21 June 7 swing low
Support 2: 92.81, 38% Fibonacci retracement (mid-April-late June bull run)
Support 3: 92.24, May 14 swing low
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.